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11/01/2015

The growth of the Basque economy reaches the 3% threshold

The Basque economy continues to improve on the path to recovery. After closing last year with a growth rate of close to 2%, over 2015 the GDP of the Basque Autonomous Community has continued to move forward so that now in the third quarter it has reached the round number of 3%, above the progress forecast by the Basque Government for the whole year. In this way, the Basque Country has crossed the threshold that, according to economic theory, leads to a scenario of consolidated employment creation.

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In the past few months, the Basque labour market has shown positive signs, although the good records coexist with other negatives, such as the sharp decline of affiliates to the Social Security in August, that jeopardised the evolution of employment in the whole of the third quarter. According to the progress in the Eustat quarterly accounts, the number of full-time jobs grew between July and September by just three tenths, modest progress but which in any case makes the calculation by the Basque Institute of Statistics positive for the survey of the population in relation to activity (PRA), which recorded 3,700 fewer workers.

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